As GBP/USD remains posting gains above the 1.2500 handle, the bullish bias is getting some exhaustion across the board, as we can see the resistance zone of 1.2637 is trying to push lower to the pair. GBP/USD may attempt a breakout higher over there, as it's noteworthy that the 200 SMA provided a good enough bullish momentum and it could target the 1.2753 level.
H1 chart's resistance levels: 1.2637 / 1.2753
H1 chart's support levels: 1.2546 / 1.2482
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2637, take profit is at 1.2753 and stop loss is at 1.2522.
The material has been provided by InstaForex Company - www.instaforex.com